Search found 539 matches

by brawlrats
Sat Mar 16, 2024 1:40 pm
Forum: Personal Consumer Issues
Topic: funeral preparations
Replies: 48
Views: 4397

Re: funeral preparations

Write a plan of everything you want for your funeral. Then meet with a funeral home and prepay for your funeral expenses. At that time, give the funeral director your written plans so he/she is aware of your desires. Also give a copy of your written plans to someone you trust or the person who will execute your estate. My grandmother did this and was very specific with her plans. With 8 kids possibly fighting over funeral planning, the written plan was a huge help. The funeral director commented it was one of he easiest funeral planning meetings with the surviving family that he's ever had. Her plan was specific to burial vs. cremation, types of services (she did not want visitations), and included what she did and did not want in her publi...
by brawlrats
Thu Mar 14, 2024 1:16 pm
Forum: Personal Finance (Not Investing)
Topic: Question about Language about Will
Replies: 10
Views: 832

Re: Question about Language about Will

Unfortunately not a simple question. This can be a messy topic and likely will vary depending on state law. A call to a qualified attorney would be appropriate.

IANAL, but some states treat disclaiming as giving up your share of the estate, and don't allow you to choose a different beneficiary, but some states treat a disclaimed inheritance as if the inheritor predeceased the decedent, and therefore the share is divided "per stirpes."

Also, you have a typo in C...it should say Beth.
by brawlrats
Wed Feb 28, 2024 10:48 am
Forum: Personal Consumer Issues
Topic: Can we talk about reusing packaging? Bubble wrap…
Replies: 10
Views: 981

Re: Can we talk about reusing packaging? Bubble wrap…

I have three young kids, so bubble wrap doesn't last in my house!

In seriousness, bubble wrap is often used as a stimulation or anxiety coping tool for children and adults with autism. You might check to see if there is an early learning center in your area that serves children with autism and other disabilities to see if they accept donations.
by brawlrats
Wed Feb 21, 2024 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: Downside of claiming dependents on W4?
Replies: 31
Views: 2135

Re: Downside of claiming dependents on W4?

The way you file your W4 has nothing to do with how you file your tax return. The dependent on your W4 doesn't lower your taxable income. It just lowers your withholding in anticipation of claiming the child tax credit. It doesn't disallow anything.
by brawlrats
Sat Feb 17, 2024 9:44 am
Forum: Personal Finance (Not Investing)
Topic: Is there a benefit to opening a 529 for food/books?
Replies: 14
Views: 1185

Re: Is there a benefit to opening a 529 for food/books?

Yeah, I don’t get it. Honestly, I think maybe this might be one of those things you have to live in Florida to understand. Because of Bright Futures and Florida prepaid and the low cost of Florida tuition in general…most (definitely not all) middle class people are happy to have their kids go to Florida schools. They are considered to be high quality and at a bargain price. Even school valedictorians often go to in-state universities. We are doing well financially, but we’re not wealthy and don’t just have $200k to spend for our daughter to (maybe) get a very slightly better experience. If she needed an expensive surgery that insurance wouldn’t cover, of course our answer would be different - we’d spend everything we had. But like I said, ...
by brawlrats
Fri Feb 16, 2024 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: Is there a benefit to opening a 529 for food/books?
Replies: 14
Views: 1185

Re: Is there a benefit to opening a 529 for food/books?

there are not many (rational) reasons why she would need to go out of state or to a private college.
Edit: Deleted unnecessarily snarky comment

To answer it, yes, I would still fund a 529 for her.
by brawlrats
Thu Feb 15, 2024 6:35 pm
Forum: Personal Consumer Issues
Topic: Trouble with Vanguard systems [Problem refreshing web page]
Replies: 19
Views: 803

Re: Vanguard Login Broken

anagram wrote: Thu Feb 15, 2024 6:30 pm
brawlrats wrote: Thu Feb 15, 2024 6:23 pm I can't login this evening on my computer. Used different browsers and it keeps telling me I can't login with a script and to turn off my script. I don't even know what a script is or how I would be using one. Never had this issue and can't remember the last time I had login issues with Vanguard with an almost daily login.
Yup I just got the same message on Safari. I refreshed and could log in. Vanguard is having problems. Again. :oops:
Just tried again on Chrome on desktop and Safari on iPhone 15 and it finally worked.
by brawlrats
Thu Feb 15, 2024 6:23 pm
Forum: Personal Consumer Issues
Topic: Trouble with Vanguard systems [Problem refreshing web page]
Replies: 19
Views: 803

Re: Vanguard Login Broken

I can't login this evening on my computer. Used different browsers and it keeps telling me I can't login with a script and to turn off my script. I don't even know what a script is or how I would be using one. Never had this issue and can't remember the last time I had login issues with Vanguard with an almost daily login.
by brawlrats
Fri Feb 02, 2024 6:48 am
Forum: Personal Investments
Topic: Custodian account and taxes
Replies: 4
Views: 286

Re: Custodian account and taxes

You’ll need to complete your return first and an additional form will be required on the child’s return using information from your return.

In short, if your capital gains rate is 15%, the child’s will be zero as well, so long as the child’s income doesn’t bring your income above the threshold for the 20% LTCG. If your capital gains rate is zero, your child’s income won’t be taxed until it increases your income above the threshold for the 15% rate.

If you can wait to sell, do it at the end of December when you already know all of the other income, so you can limit your gains to the $2,600 threshold.
by brawlrats
Fri Feb 02, 2024 6:24 am
Forum: Personal Investments
Topic: Custodian account and taxes
Replies: 4
Views: 286

Re: Custodian account and taxes

For 2024, a child’s standard deduction in the absence of earned income is $1,300. Between $1,300 and $2,600, income is taxed at the child’s rate. For LTCG and qualified dividends, this would be 0%. For ordinary income (like interest and unqualified dividends), this would be 10%. Above $2,600 is taxed at the parents rates.

There is a strategy for kids called tax gain harvesting, in which you sell LTCG investments up to the $2,600 threshold to pay no tax on those gains and reset the basis. As long as the ordinary income items are below $1,300, you will avoid tax on capital gains items up to $2,600.
by brawlrats
Thu Feb 01, 2024 10:20 am
Forum: Personal Investments
Topic: Backdoor Roth conversion using funds from tIRA 2023 and 2024
Replies: 5
Views: 467

Re: Backdoor Roth conversion using funds from tIRA 2023 and 2024

You can convert all at once.

2023 contribution will be reported on the 2023 tax return.

2024 contribution and all of the conversion will be reported on the 2024 tax return.
by brawlrats
Fri Jan 26, 2024 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Made deductible IRA contribution when I needed non-deductible
Replies: 13
Views: 702

Re: Made deductible IRA contribution when I needed non-deductible

jebmke wrote: Fri Jan 26, 2024 10:54 am ^ exactly, it isn't knowable until the return is done.
And even if it is deductible upon preparation of the return, a taxpayer can choose to make it nondeductible.
by brawlrats
Wed Jan 24, 2024 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Does Vanguard Have a Money Market Account Debit Card
Replies: 9
Views: 1661

Re: Does Vanguard Have a Money Market Account Debit Card

lmldm wrote: Wed Jan 24, 2024 9:46 am
Silk McCue wrote: Wed Jan 24, 2024 9:38 am They do not. Debit cards work on bank accounts. Your taxable brokerage account is not one.

Cheers
Thank you! Appreciate it.
Also, separate question. Obviously VMFXX is a higher interest rate than ally. About 1 percent, which is not significant. Do you think it makes sense to transfer about 1/2 of the money from ally to vanguard in order to get the better yield? Is there a penalty for withdrawing money from the VMFXX? I don't believe there is any penalty with Ally because it is a bank. Wasn't sure about Vanguard money market.
No penalty for withdrawing from Vanguard. Whether it is worth it depends on how much you are moving and whether the extra 1% is worth the effort to you.
by brawlrats
Tue Jan 23, 2024 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: The Charitable Payraise
Replies: 44
Views: 4713

Re: The Charitable Payraise

Essentially form an LLC that is for charity and you make a large upfront funding payment to minimize tax burden. The LLC owns and holds 99% of the shares and I would retain 1% ownership with voting/management rights over that 99% in terms of directing investments and where distributions go. The 1% is an annual withdrawal from the LLC that goes to a 501c3 charity of your choice or DAF. Couldn't agree more. Wanted to gain perspective and appreciate your input. Apparently this tactic has been vetted through several legal evaluations and no red flags from the salesman. I still don't get it. Is the LLC an eligible 501(c)(3) and you get a charitable deduction immediately? Your deduction would still be limited to a percentage of AGI. What is an &...
by brawlrats
Tue Jan 23, 2024 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: The Charitable Payraise
Replies: 44
Views: 4713

Re: The Charitable Payraise

Where does the tax savings come into the picture to reduce the big tax hit from the sale of your business? I second this. You say you are only a 1% member of the LLC. Who owns the other 99%? You then say that 99% of assets would be contributed to the charitable LLC but say 1% of the assets would be donated to the DAF annually. So which is it...are you making a charitable contribution upfront or annually? And how does contributing the proceeds to an LLC avoid taxable gains on a previous transaction? Also, charity and loans don't mix...you are potentially setting yourself up for significant issues with self-dealing. This entire thing makes no sense to me. Something has to be missing. Finally: I don't really understand these concepts at all. ...
by brawlrats
Mon Jan 22, 2024 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: Inheriting IRAs question
Replies: 25
Views: 2018

Re: Inheriting IRAs question

Each individual will need to set up his or her own inherited IRA account. You will not be able to take it out before it is in your name as the distribution needs to be recorded to your social security number for proper IRS reporting.

As estate can be named a beneficiary, but it sounds likes the IRA holder is already deceased in this case, so beneficiaries may not be able to be changed. The estate as the beneficiary also opens several other cans of worms:

https://smartasset.com/estate-planning/ ... ary-of-ira
by brawlrats
Mon Jan 22, 2024 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: Max Tax Benefit for Charitable Donation
Replies: 26
Views: 2842

Re: Max Tax Benefit for Charitable Donation

Just a reminder that in 2024, the gift tax reporting requirement goes up to $18k per person and the QCD limit goes to $ 108k $105k. They both will be inflation adjusted going forward. Edited to fix typo Wait, when did the QCD amount become inflation adjusted? Can anyone cite chapter and verse? SECURE 2.0 Section 307: https://www.fidelitycharitable.org/articles/secure-act-2-0-retirement-provisions.html Under current law, individuals who are 70½ years old or older may use a QCD to donate up to $100,000 to qualified charities directly from an IRA. Section 307 indicates that the annual IRA QCD limit of $100,000 will be indexed for inflation, effective for tax years after 2023. The bill did not indicate any change to the current QCD age and QCD...
by brawlrats
Wed Jan 17, 2024 8:06 am
Forum: Personal Consumer Issues
Topic: Offsetting K1 - gains Net section 1231
Replies: 1
Views: 392

Re: Offsetting K1 - gains Net section 1231

LTCG from K-1 go to Schedule D just like any other LTCG. They end up on Line 12 of Sch D. Any capital losses reported on Schedule D will offset these gains.
by brawlrats
Wed Jan 17, 2024 8:00 am
Forum: Personal Finance (Not Investing)
Topic: Where in Turbotax do I see the actual tax worksheet calculations?
Replies: 6
Views: 751

Re: Where in Turbotax do I see the actual tax worksheet calculations?

On the desktop version, all of the forms and underlying worksheets are accessed via "View-Forms"

I'm not sure if you were using the online version, but I know at one point, the forms and worksheets couldn't be accessed on the online version. I don't know if that is still the case.
by brawlrats
Wed Jan 10, 2024 9:08 pm
Forum: Personal Finance (Not Investing)
Topic: How to prove 2013 tIRA contributions were non-deductible?
Replies: 15
Views: 1631

Re: How to prove 2013 tIRA contributions were non-deductible?

WillyMcG wrote: Wed Jan 10, 2024 9:04 pm
w5000 wrote: Wed Jan 10, 2024 9:01 pm Particularly the section on "Cautions" -- now that you have pre-tax money in your tIRA beyond your non-deductible contributions, your conversions are subject to the pro-rata rule.
Are you referring to the $11k gain as the pre-tax money? I haven't made any pretax contributions to this tIRA.
The gains on nondeductible IRA contributions are taxed upon conversion to a Roth IRA. If you convert half of your IRA balance to Roth, half of the $11,000 of gains will be taxed.
by brawlrats
Wed Jan 10, 2024 9:03 pm
Forum: Personal Finance (Not Investing)
Topic: 401k administration questions
Replies: 21
Views: 2001

Re: 401k administration questions

fivedots wrote: Tue Jan 09, 2024 8:15 pm I see 5 year graded vesting is selected in this plan. Let's say I've worked at this place for 20 years.... If I quite now, will I lose some of my employer match from the last 5 years?
No. Once you are fully vested, you are fully vested in all employer contributions made into the plan.
by brawlrats
Wed Jan 10, 2024 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: 401k year end deadline
Replies: 3
Views: 433

Re: 401k year end deadline

Paycheck date is the only date that matters. The 401k contribution will be assigned to the year in which the payroll is paid.
by brawlrats
Tue Jan 09, 2024 9:49 am
Forum: Personal Finance (Not Investing)
Topic: Wash sale question (unique?)
Replies: 6
Views: 684

Re: Wash sale question (unique?)

Here is a previous thread with significant disagreement on the answer:

viewtopic.php?t=312957

The gist of the thread comes down to whether the wash sale rule or the related persons rule comes into play.

Me, personally, not your CPA or lawyer, would not considered a sale in a custodial account and repurchase in a parent account to be a wash sale, as the child files their own tax return in relation to stock sales and the parent cannot benefit from the recognition of the loss.

Easiest way to avoid it to buy something similar but not substantially identical in the parent account (eg. sell VTSAX in the child account and buy VFAIX in the parent account).
by brawlrats
Tue Jan 02, 2024 1:00 pm
Forum: Personal Investments
Topic: Anyone else's Vanguard rate of return way off?
Replies: 57
Views: 6492

Re: Anyone else's Vanguard rate of return way off?

Currently showing on the main account page after logging in:

"We're making updates. Performance information is temporarily unavailable while we make updates. We apologize for the inconvenience and appreciate your patience."
by brawlrats
Tue Jan 02, 2024 9:08 am
Forum: Personal Investments
Topic: Anyone else's Vanguard rate of return way off?
Replies: 57
Views: 6492

Re: Anyone else's Vanguard rate of return way off?

My 1-year RoR according to Vanguard is 148.8%!
by brawlrats
Fri Dec 22, 2023 4:02 pm
Forum: Personal Finance (Not Investing)
Topic: My former employer is late paying my severance and they're screwing up my tax situation for 2023
Replies: 43
Views: 5190

Re: My former employer is late paying my severance and they're screwing up my tax situation for 2023

Aguilar wrote: Fri Dec 22, 2023 9:50 am
snackdog wrote: Fri Dec 22, 2023 12:10 am Why not just file your taxes on an accrual basis?
I googled this but didn’t find anything too helpful explaining how you file personal income taxes on an accrual basis. How does this work?
It doesn’t work. Except for a very few limited situations, individuals are cash basis taxpayers.
by brawlrats
Fri Dec 22, 2023 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: My former employer is late paying my severance and they're screwing up my tax situation for 2023
Replies: 43
Views: 5190

Re: My former employer is late paying my severance and they're screwing up my tax situation for 2023

snackdog wrote: Fri Dec 22, 2023 12:10 am Why not just file your taxes on an accrual basis?
Individuals cannot file on an accrual basis.
by brawlrats
Wed Dec 20, 2023 5:13 pm
Forum: Personal Investments
Topic: Roth 401k Paystub - Someone Please Help This Make Sense
Replies: 14
Views: 1593

Re: Roth 401k Paystub - Someone Please Help This Make Sense

401k contributions are always calculated on gross pay regardless of traditional or Roth, so the 8% calculation is correct.

With traditional contributions, the contribution amount is removed from the taxable wages in the withholding calculations and from your W-2. For example, if you made 50,000 and contributed $10,000, your W-2 would show $40,000 of taxable wages.

With Roth contributions, the contribution amount is not removed from your taxable income for withholding calculations or your W-2. Using the same numbers as above but with Roth, your W-2 would show $50,000 of taxable wages.
by brawlrats
Tue Dec 19, 2023 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Where does K-1 Income Go?!
Replies: 9
Views: 1539

Re: Where does K-1 Income Go?!

Yes, it stays with the business as others have said, but it also increases your shareholder basis in the S Corp stock. Positive basis in s corp stock allows you take tax free distributions (since you’ve already paid tax on the income from the K-1). It would also reduce your gain in the scenario that you sell your s corp stock.
by brawlrats
Tue Dec 19, 2023 9:02 am
Forum: Personal Consumer Issues
Topic: Post-minivan options
Replies: 24
Views: 2531

Re: Post-minivan options

FWIW, my mom is 72 and has been an empty nester for 24 years....and still drives a minivan to this day. She just bought a Toyota Sienna hybrid last year and loves it.
by brawlrats
Mon Dec 18, 2023 11:52 am
Forum: Personal Investments
Topic: Can ibonds be cashed out to a 529 tax free?
Replies: 12
Views: 2468

Re: Can ibonds be cashed out to a 529 tax free?

frugalor wrote: Mon Dec 18, 2023 11:36 am How does this interfere with the $17K yearly contribution limit to a 529 account?
There is no such thing. The limit you refer to is the IRS annual gift exemption.
by brawlrats
Wed Dec 06, 2023 2:24 pm
Forum: Personal Investments
Topic: Donation 701 - old hack
Replies: 11
Views: 1528

Re: Donation 701 - old hack

Donation - 701, advance research Need advice, wisdom, and thoughts on  donating:  -  intended amt 1m from tsp. 1/2m in vti, next 12-15 mos.   -  total holdings: him & her, 1m each in retirement funds, 500K in vti (jt acct), and 400K in her Roth.   -  DAF at fedo:  100k transferred from tsp, a month back. Donation Plan:   Step 1:  move remaining 1m from tsp to DAF in next 12 months. Step 2:  move 500k/vti to DAF in next 18 months Questions: 1.  Are donations from tsp capped at 100k annually, if so, can put DAF as ToD for tsp final distribution?  OR is there better alternative? 2.  vti has 60% in cg, which can be dodged by changing basis, at market at succession, or all vti/ 50kK can go to DAF with full charitable credit.  Is one better ...
by brawlrats
Tue Dec 05, 2023 2:48 pm
Forum: Personal Investments
Topic: Tax Question - Inherited IRA Federal Withholding
Replies: 5
Views: 414

Re: Tax Question - Inherited IRA Federal Withholding

Line 25B is the actual withholdings. It has nothing to do with whether the income generating those withholdings has been taxed. You withhold $3,500 and the IRS receives $3,500. You still pay tax on the full $5,000 distribution.

The income goes on lines 4a and 4b and is considered in total AGI and taxable income.
by brawlrats
Tue Dec 05, 2023 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard - Trying to max roth for 2024
Replies: 1
Views: 265

Re: Vanguard - Trying to max roth for 2024

Yes... VG's IRA system is not ready for 2024.
by brawlrats
Mon Oct 30, 2023 11:21 am
Forum: Personal Finance (Not Investing)
Topic: Comments about my S corp from CPA
Replies: 11
Views: 1975

Re: Comments about my S corp from CPA

Rex66 wrote: Mon Oct 30, 2023 10:41 am S corp is a pass through so you can’t keep it in the business per say

If he means take less as salary and more as distributions then depends

Besides being sure to avoid irs issues, you actually want done salary for paying into SS and for any retirement plan the company has
While S Corp owners do have to take a reasonable salary, they don't have to take distributions. They can leave as much equity in the company as they'd like. Yes, they have to take the income via K-1, but they do not need to distribute the earnings in cash. My guess for OP is the CPA sees inadequacies in common financial statement ratios comparing assets to liabilities (e.g., current assets are less than current liabilities).
by brawlrats
Wed Oct 18, 2023 12:45 pm
Forum: Personal Consumer Issues
Topic: What "skilled nursing facilities" are available with Medigap (Supplement) plan (Massachusetts)?
Replies: 12
Views: 1754

Re: What "skilled nursing facilities" are available with Medigap (Supplement) plan (Massachusetts)?

1. How often is "skilled nursing care" needed (potentially over 20 days), when a person is not in a hospital for less than three days (or not in a hospital at all)? I assume very rarely, but I don't know. I can foresee certain potentially common scenarios where Medicare could deny you necessary care under this provision (following a stroke, for example, when hospitalization can provide relatively little). Any thoughts? Medicare isn't necessarily denying you care, they just won't pay for a nursing facility stay. Chances are if you have a diagnosis that requires less than 3 days in a hospital, you will be sent home and likely will be eligible for Medicare-covered home care (assuming you meet the requirements). 2. Roughly what propo...
by brawlrats
Tue Oct 10, 2023 11:29 am
Forum: Personal Finance (Not Investing)
Topic: Charitable IRA distribution
Replies: 16
Views: 1180

Re: Charitable IRA distribution

Are you over 70 1/2 years old? You need to be in order to do a QCD from an inherited IRA even if you are taking RMDs.
by brawlrats
Tue Oct 10, 2023 11:01 am
Forum: Personal Finance (Not Investing)
Topic: Premium for 2 million umbrella policy
Replies: 128
Views: 20074

Re: Premium for 2 million umbrella policy

Two cars, one house, 3 kids under driving age in NE Ohio...

Erie Insurance - $2,000,000 umbrella

$281 annual premium (just invoiced this week, down from $291 last year)

We have home, auto and umbrella with Erie. We've found Erie to be incredibly affordable compared to other quotes we've received over the years.
by brawlrats
Fri Oct 06, 2023 10:35 am
Forum: Personal Investments
Topic: Kiddy tax on I-Bond sales
Replies: 10
Views: 1035

Re: Kiddy tax on I-Bond sales

In that case, his standard deduction will be his earned income plus $400, up to a max of $13,850. If he had anything withheld from his paychecks, those dollars will likely offset the tax on the interest income, since most "summer job" withholdings end up getting refunded. Assuming he made less than $13,850 at his summer job, his standard deduction will offset his earned income. $8,500 of the interest will be taxed at your marginal rate and $2,100 (the remaining $2,500 less the $400 from the standard deduction) will be taxed at his rate. An example if you are in the 24% bracket: $8,500 x .24 = $2,040 $2,100 x .10 = $210 Total estimated tax = $2,250 Subtract his withholdings from that and the remainder is what he would owe. This is ...
by brawlrats
Fri Oct 06, 2023 9:59 am
Forum: Personal Investments
Topic: Kiddy tax on I-Bond sales
Replies: 10
Views: 1035

Re: Kiddy tax on I-Bond sales

How much interest? The standard deduction for a child with only unearned income is $1,250 and you'll pay at his rate (10%) up to $2,500. My three kids all file tax returns due to some inheritance in UTMAs and inherited IRAs, and the tax due is small enough that it doesn't warrant estimated payments, so I just pay with filing.
by brawlrats
Fri Oct 06, 2023 9:53 am
Forum: Personal Finance (Not Investing)
Topic: Physicians - how to join private practice group?
Replies: 13
Views: 1715

Re: Physicians - how to join private practice group?

Finot3 wrote: Fri Oct 06, 2023 9:50 am
Yes PCP. They were able to find three concierge medicine practices in the city and interviewed with one but no other private practice. To their surprise, every outpatient practice they find through Google search seems to be owned by one of ppthe big hospital systems.
Isn't that common everywhere in medicine these days? Hospital mergers have swallowed competition and the mega-systems have bought out a significant portion private physician practice.
by brawlrats
Fri Oct 06, 2023 9:46 am
Forum: Personal Finance (Not Investing)
Topic: Capital loss prior to death in trust
Replies: 9
Views: 780

Re: Capital loss prior to death in trust

rts58 wrote: Fri Oct 06, 2023 9:33 am Thank you, that is very helpful. Both answers are yes. So the only way for her to take advantage would be to sell her own investments to offset the loss. Most likely then she will lose the tax benefit of the loss.
Does she have any investments with unrealized gains? Since she would be selling for gains, there is no wash sale consideration, so she could just sell then immediately rebuy to recognize the gain and offset the loss. This would reset her basis to the higher cost per share and she wouldn't lose the benefit of the losses. This is called tax gain harvesting.
by brawlrats
Fri Oct 06, 2023 8:22 am
Forum: Personal Investments
Topic: Federal mm
Replies: 2
Views: 351

Re: Federal mm

Are you talking about Vanguard?

If so, interest is accrued daily and paid monthly on the last business day of the month. If you transfer 100% out of the MM, you will receive interest earned up to that date. You don't lose it if you transfer out mid-month.

The rate is changed on a daily basis, though a user can't see the daily change. You can only see the 7-day yield.
by brawlrats
Wed Sep 27, 2023 8:11 am
Forum: Investing - Theory, News & General
Topic: In appreciation of dividends
Replies: 119
Views: 13432

Re: In appreciation of dividends

NAV comparisons between two funds are worthless without considering total distributions, i.e., you have to look at total return...and we're back to the dividend irrelevance argument.
by brawlrats
Mon Sep 18, 2023 12:47 pm
Forum: Personal Investments
Topic: Please help me validate my DAF calculation for 2023
Replies: 7
Views: 581

Re: Please help me validate my DAF calculation for 2023

Do you have any other deductions...mortgage interest, state/local/property taxes, etc.?

Those will eat away at the different between the $27K and the $14K and increase the benefit of your DAF contributions.

Personally, I typically donate two years contributions in one year, then take the SD in between. Three years would probably make more sense but I prefer the flexibility of two years. Plus, I am at the point in my career that my income might be rising significantly in the coming years, so two years allows me to manage that a little better.
by brawlrats
Wed Aug 30, 2023 10:15 am
Forum: Personal Consumer Issues
Topic: Who is your favorite classical composer?
Replies: 156
Views: 13453

Re: Who is your favorite classical composer?

backpacker61 wrote: Wed Aug 30, 2023 8:49 am Not all from the classical period but I like
Edward Elgar (particularly the 'Enigma Variations')
Ralph Vaughan Williams
Francois Couperin (harpsichord)
John Dowland, Sylvius Leopold Weiss (lute)
Thomas Tallis (choral)
Turlough O'Carolan (harp)
I assume you've heard it if you list RVW, but Vaughn Williams' "Fantasia on a Theme by Thomas Tallis" is a fabulous piece of music.
by brawlrats
Tue Aug 29, 2023 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: Tax calculation question - need help with the math, please
Replies: 7
Views: 770

Re: Tax calculation question - need help with the math, please

Tax would be the amount above your contributions times your marginal tax rate plus a 10% penalty.

If you are in the 24% bracket and withdraw $100k more than your contributions, you are looking $24k in tax plus $10k in penalties.

A $200k withdrawal turns into $166k on assets that will eventually be 100% tax free and you lose all future tax free growth. Please have him read these replies so he can see everyone thinks it’s a terrible idea.
by brawlrats
Tue Aug 29, 2023 8:50 pm
Forum: Personal Investments
Topic: Tax year for March profit sharing contribution to 401k
Replies: 6
Views: 799

Re: Tax year for March profit sharing contribution to 401k

Our profit sharing is posted in June of the following year but is applied to the prior calendar year by the 401k administrator. Eg, June 2023 is a 2022 contribution. Every plan is different, though, but it sounds like this is how your plan works.
by brawlrats
Tue Aug 29, 2023 8:41 pm
Forum: Personal Finance (Not Investing)
Topic: Tax calculation question - need help with the math, please
Replies: 7
Views: 770

Re: Tax calculation question - need help with the math, please

You can generally withdrawal Roth contributions tax free at anytime.

I agree it is a bad idea but are you planning to withdraw more than $100k?

Also, Roth is someone’s last name, not an acronym.
by brawlrats
Tue Aug 29, 2023 11:37 am
Forum: Personal Consumer Issues
Topic: Who is your favorite classical composer?
Replies: 156
Views: 13453

Re: Who is your favorite classical composer?

I pretty much only listen to classical music, so much so that my kids complain of the "boring music" when we get in the car. So hard to pick, so I'll go by era: Baroque: Vivaldi Classical: Haydn Romantic: far too many to choose just one 20th century: Copeland 21st Century: Ola Gjeilo, John Mackey, Peter Boyer I am also partial to wind band composers that don't fit into the traditional "classical" groupings...e.g., Ticheli, Mackey (fits here too), Holsinger, etc. So many I haven't listed that may not be my favs overall but a piece of theirs is near the top of my favorite pieces...e.g, Elgar's Enigma Variations or Rachmaninoff's Rhapsody on a Theme of Paganini. For those who have access to PBS Passport, they a have a fasci...